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Hope for North Riverside Park Mall, as Lincolnwood Town Center faces foreclosure


Lincolnwood Town Center
As one local mall faces foreclosure, another may have found a way to keep it at bay.
In Lincolnwood, a receiver has taken over the Lincolnwood Town Center after a loan trustee filed a $48.9 million foreclosure suit against the 423,000-square-foot property in February. The owner of the North Riverside Park Mall found itself in the same predicament last summer, on the receiving end of a foreclosure suit after defaulting on a $68 million mortgage.
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But the mall’s owner, the New York-based Feil Organization, may not lose the property to foreclosure after all. A loan servicer has “conditionally approved” an agreement to extend the maturity date of the loan, according to a public securities filing, a deal that could give Feil more breathing room and end the foreclosure case. ....

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